Laimonas Noreika is the CEO of DESICO — a platform to issue and trade security tokens.
The project conducted their pre-sale STO in late 2018 and raised $1M USD. STOblock had the opportunity to interview Laimonas to learn more about the project and what the future has in store.
Can you share some of your learnings throughout the pre-sale STO?
As you are probably aware, security token offerings are totally different than ICO’s. While running one of the first legally compliant security token offerings we learned a lot of lessons, which we are now ready to share with our clients — companies, and entrepreneurs who are willing to tokenize their existing businesses or start new ventures. STO’s bring more investor protection, but it also brings regulation, which requires following Anti Money Laundering rules, Know your customer policy.
Now that you have completed a raise, how do you plan to allocate these funds?
We finished the acquisition of a financial brokerage license, which allows us to do securities accounting and trading. We spent quite a big chunk of the raise to finish the acquisition.
Now we are focusing on creating the primary market where companies can issue tokenized securities. We are soon to announce our first clients on the platform and start earning revenue. To put it simply, we are following our obligations to investors and trying to keep up with the roadmap we’ve presented.
Is there a main sale planned?
We are planning to hold an investment round from venture capital while our next round of Tokenized securities is not announced yet. However, our target remains the same — we want as many retail investors, regularly people from the streets to become investors of Desico.
When will the platform commence hosting offerings?
I expect the first offerings to happen at the beginning of April 2019. We will start with 2 or 3 offerings.
How will the recent partnership with Blocktrade work?
We are really open-minded, me and Luca (CEO of Blocktrade). We both believe that at the current stage all companies working in the tokenized securities market should join forces and work for a better environment for investors and projects.
We decided to go into partnership so that all clients that issue tokenized securities on Desico can be traded on Blocktrade. That’s the initial idea, to create more liquidity for investors by joining forces.
What separates DESICO from its competitors?
Desico is seeking to create an environment where investors from all around the world can invest in most promising companies. The major difference between us and other players is that we are focused on retail investors, while others create platforms for institutional and accredited investors.
What does success look like in 12months?
We want to earn for our investors as much as possible so we are focusing on generating revenue this year. The more revenue we have, the more successful the company is, which is my first target but we also want to develop the product, first the primary and then the secondary market. I’m targeting for these both to happen in the next 12 months.